A new report regarding global plant-based food and beverages states its market value will hit $104.7 billion by 2032, citing vegan seafood as an area of increased relevance, and also finding that South Korea has the potential to experience exponential growth in this period.
Interestingly, and as we have reported before, the study predicts that the alternative seafood category will thrive in the forecast period as it continues to increase in relevance. Several producers, including large conventional food producers, are focusing on recreating the most widely consumed species of fish such as tuna, salmon, lobster, and prawns, which are consumed in vast quantities around the world, while at the same time, the public becomes more aware of the importance of protecting our oceans.
Also interesting and noteworthy is that the authors state South Korea as having “the potential to experience exponential growth in the global plant-based food & beverage market”.
The report, compiled by Boston’s Inkwood Research, states that the global market for plant-based food and beverages had a value of $38.3 billion in 2022 and projects that this will rise to $104.7 billion in the period of 2023 to 2032 with a CAGR of 10.79%.
The study included all foods and drinks produced with a source of plants, vegetables, fruits, seeds, nuts, and legumes, without the input of any animal ingredients. Although fungi and algae are technically not plants, they were considered plant-based for the purposes of the report.
Vegconomist will continue to look closely and report on the growth in the South Korean market as well as that of plant-based seafood, an area that deserves support and celebration.
As Marissa Bronfman recently urged in an Op-Ed for vegconomist: “At a time when our oceans are being ravaged by human exploitation and climate change, global fish stocks are fast on their way to depletion and seafood shows high levels of microplastics, antibiotics, pesticides, hormones, and other harmful chemicals, we need to swiftly accelerate the development and expansion of scaleable seafood alternatives across plant-based, fermentation and cultivated, to help meet increasing demand and feed a rapidly growing population, slated to balloon to 10 billion by 2050.”